- Reuters•22 days ago
The Brazilian state of Minas Gerais opposes the sale of the controlling stake it has in power utility Cia Energética de Minas Gerais SA as a condition to join a federal government-backed debt relief plan, a person with direct knowledge of the matter said. According to the person, who requested anonymity because of the sensitivity of the issue, mineral-rich Minas Gerais wants part of the 92 billion reais ($29.44 billion) the federal government owes it in the form of export-promotion tax exemptions to be refunded if the state joins the debt program. The sale of the state's 51 percent voting stake in Cemig, as the utility is known, looks unfeasible at this point, because the company is undergoing a drastic turnaround that involves the sale of non-essential assets, the person added.
- Reuters•2 months ago
Cia Energética de Minas Gerais SA has picked Bernardo Salomao as its new chief executive officer as part of a management overhaul that aims to speed up a debt-reduction plan, the power company said in a filing on Wednesday. The company said it has also appointed Paulo Castellari as its new chief financial officer. Reuters reported earlier this week that the company's board had decided to replace current CEO Mauro Borges and CFO Fabiano Maia amid growing tensions with the state of Minas Gerais, Cemig's main shareholder, over plans to sell assets.
- Reuters•2 months ago
SAO PAULO/BRASILIA, Dec 16 (Reuters) - Tensions between the Brazilian state of Minas Gerais and the top management of Cia Energética de Minas Gerais SA are escalating over Chief Executive Officer Mauro Borges' debt-reduction and asset sales strategy, two people with direct knowledge of the matter said on Friday. According to the sources, Borges could leave the electricity holding company if the state of Minas Gerais, Cemig's controlling shareholder, refuses to back his plan of selling several non-essential assets to cut debt. Minas Gerais Governor Fernando Pimentel, who is under investigation for alleged illegal campaign funding, opposes asset sales to cut Cemig's 16.3 billion reais ($4.8 billion) of debt, said the sources, who requested anonymity because of the sensitivity of the matter.
CIG-C : Summary for Comp En De Mn Cemig ADS America - Yahoo Finance
Companhia Energética de Minas Gerais S.A. (CIG-C)
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|Day's Range||4.48 - 4.75|
|52 Week Range||4.48 - 4.75|
Trade prices are not sourced from all markets
|PE Ratio (TTM)||18.59|
|Dividend & Yield||0.11 (2.84%)|
|1y Target Est||N/A|